How we mitigate your risks
GRN Procurement have assisted many businesses identify, mitigate, and manage their risks. We work with you to identify a set of risk scenarios that could affect your business from the High risks like total business shut down through to lower risks affecting specific teams.
With any business there is always an inherent risk within its supply chain. From buying raw materials, the IT systems you deploy, to using service providers to develop your Marketing.
The risks can affect all parts of your business and range from disruption in supplying your customers, paying increased costs to produce the goods and/or reputational damage from a cyber-attack. How your business identifies, mitigates, and manages these risks could be the difference between surviving or thriving in the marketplace.
We will undertake a detailed and methodical view of your business, the existing suppliers, processes you use and other external factors. We will then produce a risk mitigation strategy to ensure that your business is resilient and confident that it can manage any future scenario.
The 3 Step Process
Understand where the external risk is in your supply chain
What would be the impact of a disruptions to the supply chain from events such as pandemics, materials shortages, natural disaster, trade wars, Fx fluctuations.
The effect on your reputation of a supplier’s being in breach of the regulations. i.e. Modern Slavery Act.
Review your existing internal controls
Are your processes, policies and contracts fit for purpose?
Is the chain of command clear and understood to deal with these scenarios?
Assess and monitor new and existing suppliers
Assess the criticality to your business and what the alternatives are.
Are there any single points of failure?
Could these types of risk negatively impact your business?
Do you know your Ethical Responsibilities?
- With an estmated 136,000 people in the UK alone living in Modern slavery, have you checked how your suppliers deliver your services?
How diverse is your Supply Chain?
- COVID19 shut down 12,000 facilities, impacting supply chains across the world. Are all of your products and goods coming from the same place? How robust is your contingency plan?